I'm not favoring either block or avoidance in this post, however, I would like to put things into perspective.
The main thing that kills tanks is not so much overall damage taken, but spike damage.
It would seem as if avoidance would have the win overall, because it lowers total damage taken by a percentage. However, as we all know the RNG can fuck with us hardcore, and cause us to go through long strings of no dodges/parries/misses. But as an example, if you're getting hit by a boss 60% of the time for 10k damage, you're essentially taking 6k DPS.
Block, however, reduces your spike damage, for example, if you had 100% block, with no avoidance whatsoever (I know, not possible, but for this let's just say it is), and you have 2000 block value, you are reducing your damage spikes to nearly nonexistent. But, again, in this concept, you will also take more damage.
Overall, I think a good mix of the two will be the best, because both overall damage and spike damage can still be a problem. In addition, lowering the amount of spike damage that you take when you do end up taking it, will cause less wipes, and less grief. I like to stack defense, because it adds only slightly less avoidance than dodge, but also gives you some block, so it's overall block cap value is better than dodge and parry, while also giving you some good avoidance.
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